US stocks dip lower for second day as Trump attacks China ahead of trade talks
- US stocks slid for the second straight day on Tuesday after President Donald Trump said China hasn't fulfilled its prior commitments ahead of scheduled trade negotiations.
- Beyond Meat plunged as much as 17% after the company posted a larger loss than Wall Street expected during the second quarter of 2019.
- Shares of Capital One fell by as much as 8% after the credit card issuer disclosed a hack leaked data on more than 100 million customers.
- Visit the Markets Insider homepage for more stories.
Major US indexes fell slightly lower for the second straight day on Tuesday as President Donald Trump accused China of failing to fulfill past commitments just as trade talks were set to restart.
The president said in a tweet that China was supposed to start purchasing agricultural products again, but has failed to do so. He also said that the US and China would have to make meaningful developments during the upcoming trade negotiations or there could be "no deal at all."
On a single-stock basis, Beyond Meat's stock plummeted as much as 17% on Tuesday after the plant-based meat provider reported it lost more money than analysts expected during the second quarter. The company also announced a secondary offering of 3.25 million shares, with CEO Ethan Brown and other company insiders getting the go-ahead to offload 3 million shares.
Here's a look at Friday's closing numbers:
- The S&P 500 fell by 0.26%, to 3,013.18
- The Dow Jones Industrial Average fell by 0.09%, to 27,198.02
- The Nasdaq Composite fell by 0.24%, to 8,273.61
Under Armour's stock tumbled as much as 20% after the sports retailer posted second quarter results that missed Wall Street's revenue forecast. The company generated $1.19 billion in sales during the period, compared to the $1.20 billion anticipated by analysts. Under Armour also lowered its full-year guidance for sales in North America, which it now expects to decrease slightly.
Shares of Capital One sunk by as much as 8% after the company revealed a data breach exposed personal information on more than 100 million people across the US and Canada. The data was hacked by a former Amazon Web Services employee that broke into Capital One's AWS cloud servers.
Within the S&P 500, these were the largest gainers:
- National-Oilwell Varco: 11.32%
- Martin Marietta Materials: 9.98%
- Wabtec: 9.45%
And the largest decliners:
- Gartner: (-19.02%)
- Under Armour: (-13.69%)
- HCA Healthcare: (-12.24%)
Within the S&P 500, energy, real estate, and materials rose, but those gains were offset by losses in the utilities, technology, and consumer discretionary sectors.